The Bank of Thailand (BoT) says that public confidence will be a key factor in boosting the economy, after the government eased some of its strictest COVID-19 pandemic measures.
BoT’s senior director for the economics and policy department, Chayawadee Chai-Anant, said the easing will bring relief to businesses which had were being constrained by the restrictions in recent months. The central bank will, however, need to monitor the economic situation to assess the country’s prospects.
She said the BoT will monitor people’s confidence regarding spending, travel and other economic activities, after the containment measures were relaxed and stimulus measures, to encourage domestic consumption, were implemented. The central bank will also monitor new infections.
Ms. Chayawadee added that the BoT will also closely monitor Thai exports which are facing higher external risks, especially new infections among trading partners. While some countries have adjusted their 2021 GDP growth forecasts, the BoT has already priced such external risk factors into Thailand’s export growth assessment. (NNT)